Prohibits discrimination in the lending process based on the credit applicants race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. The agency that enforces ECOA depends on the type of financial institution. The transaction that would be covered by the Fair Housing Act, even if no real estate agent were involved, is the rental of a condominium unit. The Act generally prevents discrimination in residential housing, but does not apply to commercial properties. What is the purpose of ECOA? to promote the availability of consumer credit to all applicants by prohibiting credit decision based on race, color, religion, national origin, gender, marital status, or age.What does the ECOA prohibit lenders from quizlet?
Which of the following rental transactions would be covered by and therefore not exempt from the Fair Housing Act even if no real estate agent were involved?
What's the purpose of the ECOA Quizlet?
An example that is NOT a prohibited basis for the Equal Credit Opportunity Act is annual income and military status. The Equal Credit Opportunity Act prohibits discrimination in credit transactions on the basis of race and skin color, national origin, sex, age, marital status, religion, and other protected attributes.
The Fair Housing Act makes it illegal to harass persons because of race, color, religion, sex (including gender identity and sexual orientation), disability, familial status, or national origin. Among other things, this forbids sexual harassment.
Transactions with financial institutions, fiduciaries, and insurance underwriters may be considered exempt. Unsolicited orders, which are those executed through a broker at the request of his or her client, are also considered exempt.
Single net leases are often referred to as a net lease or an "N" lease. In addition to a rent payment, the tenant pays property taxes. All other expenses, such as insurance, maintenance, repairs, and utilities, are the landlord's responsibility.
We recommend that you avoid asking applicants about personal characteristics that are protected by law, such as race, color, religion, sex, national origin or age.
Under the ECOA, it is unlawful for a lender to discriminate on a prohibited basis in any aspect of a credit transaction, and under both the ECOA and the FHAct, it is unlawful for a lender to discriminate on a prohibited basis in a residential real-estate-related transaction.
prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, because an applicant receives income from a public assistance program, or because an applicant has in good faith exercised any right under the Consumer Credit Protection ...
Imposing unfair terms or conditions on a loan (such as lower loan amount or higher interest rates) based on personal characteristics protected under the ECOA. Asking detailed personal information regarding marital status, such as whether you are widowed or divorced.
The Equal Credit Opportunity Act (ECOA) prohibits discrimination in any aspect of a credit transaction. It applies to any extension of credit, including extensions of credit to small businesses, corporations, partnerships, and trusts.
Under the laws enforced by EEOC, it is illegal to discriminate against someone (applicant or employee) because of that person's race, color, religion, sex (including gender identity, sexual orientation, and pregnancy), national origin, age (40 or older), disability or genetic information.
The Department of Labor's (“DOL”) prohibited transaction exemption procedures provide an opportunity for plan sponsors, service providers, industry groups, or others to apply for permission to engage in a variety of transactions involving employee benefit plans covered by the Employee Retirement Income Security Act of ...
Transactions are no longer exempt if they exceed a sale price of $50,000 or have over 5,000 shares traded within a three-month period.
The Fair Housing Act prohibits this discrimination because of race, color, national origin, religion, sex (including gender identity and sexual orientation), familial status, and disability.
Which activities are banned under the Fair Housing Act (FHA)? All discriminatory real estate practices based on race, color, national origin, religion, sex, familial status, or disability.
Final answer: The Fair Housing Act offers a few exemptions, however, the sale of a single-family home by an owner who owns five homes is not one of these exemptions.
This Act (Title VII of the Consumer Credit Protection Act) prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act.
The FHAct prohibits discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people securing ...
Any questions about your race, ethnicity and gender cannot be used as a reason to approve or deny your credit application. Creditors have to provide equal information to all borrowers throughout the entire transaction.